02:29 PM EDT, 10/22/2024 (MT Newswires) -- US benchmark equity indexes were higher intraday as markets assessed the latest corporate results while the International Monetary Fund upgraded its 2024 US economic growth outlook.

The Nasdaq Composite was up 0.4% at 18,618.9 after midday Tuesday, while the Dow Jones Industrial Average rose 0.2% to 43,030.4. The S&P 500 advanced 0.1% to 5,861.8. Among sectors, consumer staples paced the gainers, while industrials saw the steepest decline.

In company news, General Motors ( GM ) logged bigger-than-expected gains in third-quarter results and lifted the mid-point of its 2024 earnings guidance. The automaker's shares were up 9.1%, the top gainer on the S&P 500.

Philip Morris International ( PM ) followed GM on the S&P 500, up 8.8%, after the tobacco company posted higher-than-expected third-quarter results and lifted its full-year earnings guidance amid strong demand for smoke-free products.

Genuine Parts' ( GPC ) shares sank nearly 20%, the worst performer on the S&P 500, as the company cut its full-year adjusted earnings outlook following a third-quarter miss.

Verizon Communications' ( VZ ) third-quarter earnings came in ahead of Wall Street estimates, but revenue missed expectations. The telecommunications giant's shares were down 4.7%, the worst performer on the Dow.

The US 10-year yield rose 1.4 basis points to 4.2% intraday, while the two-year rate was little changed at 4.03%.

The IMF said the upgraded US economic growth outlook for this year is due to "stronger outturns" in consumption and nonresidential investment.

Global headline inflation is expected to reach 3.5% in the fourth quarter of next year, slightly below the average during the two decades prior to the coronavirus pandemic. There are signs indicating the battle against price growth "has largely been won," IMF Economic Counsellor Pierre-Olivier Gourinchas said in a blog post.

West Texas Intermediate crude oil increased 2.3% to $72.21 a barrel intraday. "Oil prices steadied as a top US diplomat renewed efforts to push for a ceasefire in the Middle East and as slowing demand growth in China continued to weigh," D.A. Davidson said in a note to clients.

Gold was up 0.8% at $2,762 per troy ounce, while silver jumped 2.8% to $35.04 per ounce.